Home | Business News | Browse by Publication | P | PR Newswire

NTN Buzztime Announces Results for First Quarter 2006.

Article Excerpt
* Q1 2006 is third consecutive profitable quarter for the Company.

* Q1 2006 GAAP net income improves by $1.4 million over Q1 2005, to $76,000.

* Consolidated revenues improve by 17% over Q1 2005.

* Adjusted EBITDA improves by $1.64 Million to $1.69 Million over Q1 2005.

* Buzztime iTV Network reaches all-time high of 4,036 sites on World Wide Basis.

* Buzztime iTV Network revenues increase by 19.1% over Q1 2005.

* Company announced outstanding player statistics as 20% of Blue Ridge Communications' Digital Cable TV Subscribers played its games in the first two months of deployment.

CARLSBAD, Calif., May 9 /PRNewswire-FirstCall/ -- NTN Buzztime, Inc. , a leader in interactive communications and entertainment products for the home and for the hospitality industry, today announced results for the first quarter ended March 31, 2006. NTN Buzztime will host a live webcast and conference call today at 4:30 pm EDT to discuss the results (see conference call details below).

First Quarter 2006 Results Consolidated Results

Revenues -- Consolidated revenues for the first quarter of 2006 increased by $1.56 million or 17% to $11.06 million, compared to revenues of $9.50 million for the first quarter of 2005.

Net Income -- Consolidated net income increased by $1,423,000 to $76,000 or $0.00 per common share for the Q1 2006 period, compared with a net loss of $1,347,000 or $(0.03) per common share in the Q1 2005 period. Under FAS 123R, net income for Q1 2006 includes a charge for the expensing of stock options, a charge which the company did not include in Q1 2005 as then allowed under GAAP. Without this expense, net income for the quarter would have been $359,000 and the quarter would have shown an increase of $1,706,000 over Q1 2005.

Adjusted EBITDA -- Consolidated Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and stock-based compensation for employees and non-employees) improved by $1,638,000 to positive $1,688,000 for the three months ended March 31, 2006 from Adjusted EBITDA of...